The EQUATE Group announced its Q1-2019 unaudited earnings, reporting $294mn in EBITDA, a 49% decrease from $577mn in Q1-2018, and $889mn in revenue, a 28% decrease from $1,241mn in Q1-2018.
Net income after tax stood at $183mn in Q1-2019, a 57% decrease from $435mn in the same period last year.
Commenting on the results, Dr Ramesh Ramachandran, CEO and president of the EQUATE Group, said: “While downstream demand growth has remained stable, uncertainty of tariffs and volatility in global markets has unsettled our customers. The rapid rise in inventory ahead of the Chinese New Year has taken longer than expected to work out.”
“Nevertheless, inventory at end-user customers seems to be at the lowest level we have seen in a long time. The bearish sentiment can be overcome when we remove the factors contributing to the uncertainty. Our focus at EQUATE will remain on being the safe, reliable and low-cost producer to ride out this phase of market uncertainty. The construction of the US Gulf Coast plant remains on track to go on line before the end of 2019.”
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